Gold prices rose on Monday, as dollar fell after political risk receded in Italy. However, the prospect of US interest rate later this month is likely to cap gains going ahead.
In base metals, copper rallied to highest level in six weeks on softer dollar. In energy segment, oil prices fell as US production hit a record high and as Opec members considered boosting supply.
Heres a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
Gold: Gold on MCX has strong resistance at Rs 31,050-31175 levels whereas supports are placed at Rs 30,825-30,700 levels. Initial upside towards immediate resistance could be seen, which will be a good selling opportunity.
Copper: The commodity has immediate strong support at Rs 460 whereas resistance is at Rs 464.50-466.50 levels. Sideways-to-positive move will be seen as long as price holds above support.
Crude oil: The commodity on MCX has resistance at Rs 4,440-4,465 levels whereas supports are at Rs 4,360-4,330. Short-term bias looks positive and selling around resistance zone is advised.
Natural gas: It will face stiff resistance at Rs 201.50-203 whereas supports are at Rs 197-194 levels. Sideways-to-negative move will be seen for the session.
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